The invention relates to a liquid coating composition based on a binder and an electrically conductive pigment in an amount of at least 30 percent by volume, calculated on the pigment and binder. Coating compositions of this type are applied to metal substrates, such as metal strip and especially steel strip and impart corrosion inhibiting properties to the metal and the high content of electrically conductive pigment renders the metal weldable. The metal substrate thus provided with such a coating is generally deformed by a non-cutting process, for instance by pressing. But there is the chance that the coating will be flaked off and destroyed, which has a detrimental effect on corrosion inhibiting protection. An additional disadvantage is the contamination of shaping tools, so that production must be interrupted after every 50 or 100 pressing operations to clean the equipment, because soiled equipment will cause undesirable surface depressions in the metal. According to British Patent Specification GB No. 1,481,467, this drawback, which is a major problem in, for example, the automobile industry, is met by applying to the coating another coating composed of 50-70% by weight of a substance promoting sliding and 50-30% by weight of an organic binder. A disadvantage to that method, however, is that production is detrimentally affected and additional capital expenditure is required.